Montreal, Canada — BioAmber, a renewable polyols company, has taken a CAD $10 m ($ 7.9 m) loan from BDC Capital to "strengthen its balance sheet and grow the business," said Mario Saucier, BioAmber's cfo in a statement.
According to a filing with the US Securties and Exchange Commission, the loan is repayable over five years from 2017 to 2022 and has an interest rate of 13%. The loan is secured on BioAmber's Sarnia, Ontario plant.
Saucier continued: "Our ability to obtain such a loan speaks to the strong business case of our Sarnia plant, which is now in operation. We view this as the first step in a long term partnership with the BDC, an organisation that could help us to further deploy our clean technology in the future."
Currency conversion XE.com: 27 April 2016